where have all the buyers gone?, page-10

I don't know if there is an ASIC investigation. But I would like the board to clear up the Goh matter, explain to shareholders what happened, and get the money that is owed to us.

Below is my posting from 22 August last year (2013):



"We were told in Melbourne that Mr Goh had been duped by a third party, that he is an honourable man who has continued to advocate for the company and be helpful to the cause, notwithstanding the embarrassment / issue of these shares. We were told that the company has acted scrupulously in relation to this parcel of shares and that Mr Goh has made periodic payments (and interest I think?) so that the amount of the debt is reducing."

Really?

From the Sydney Morning Herald, 13 March 2012:

"NUSEP Holdings has been forced to disclose that a director of its Singaporean subsidiary owes the company $1.8 million on options he exercised last November.
An ASX query of the biotech's half-year accounts, prompted by its auditors having a somewhat different view to the company over whether the carrying value of its $8.8 million in intangible assets was justifiable, also asked just when the company knew that Thee Woon Goh had not paid for the 12.6 million shares.
NuSep said that on the day that Goh, who seems to be a professional business coach, exercised his options on November 25, he ''provided a copy of the cheque'' and promised to hand over the original in Sydney when he met the board.
Goh, who was also a part-underwriter of NuSep's equity raising last year, pleaded more time due to unforeseen funding delays. He was given until January 15, but missed that deadline too.
Now he has until the option expiry date of March 31 to come up with the money. NuSep (perhaps benefiting from ''can do'' business coaching) says that it has no doubts the cash will arrive, which would be a very nice thing, seeing as it represents more than half the company's current assets and is almost twice the sales revenue generated in the last half-year."


Pray tell, if Mr Goh had been misled, why did he exercise the options? Who misled him, and with regard to what was he misled - did someone tell him that the shares were free? Which Nusep official thought it would be a good idea to hand over shares before having received payment? Is that official still with the company, despite their rather basic mistake? Or is handing over shares without payment official company policy? Did the board approve the handing over of the shares without payment - if so, why? And if Mr Goh had been misled, why did he feel the need to send a photocopy of a cheque to Nusep - a cheque which is yet to arrive, despite a promise to hand it over to the company eighteen months ago? If this is just all a terrible mix-up, then why hasn't Mr Goh just sold his shares, at any time over the last eighteen months, and paid the incomings to Nusep? Or simply given the shares back to the company?

Curiouser and curiouser. I'm interested now.